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COINBASE SAYS SEC WILL DROP LAWSUIT AGAINST CRYPTO EXCHANGE—CITING CHANGE IN ‘POLITICAL LEADERSHIP’
The Securities and Exchange Commission has agreed to drop its lawsuit against Coinbase, following what the crypto exchange said was a change in “political leadership” at the agency, which accused Coinbase of failing to register as a securities exchange under the Biden administration.
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▪Paul Grewal, Coinbase’s chief legal officer, wrote in a blog post Friday saying SEC officials have agreed “in principle” to dismiss the agency’s lawsuit against Coinbase.
▪The SEC sued Coinbase—the largest crypto firm in the U.S.—in Manhattan federal court in 2023, alleging at least 13 crypto assets sold by the crypto exchange should have been registered as securities before they were offered publicly.
▪“What changed over those two years was the political leadership at the SEC,” Grewal wrote, appearing to reference the lawsuit being filed under the Biden administration and a shift in oversight under President Donald Trump, who has promised to lessen the regulatory burdens facing the industry.
▪Grewal told the Wall Street Journal that SEC officials will likely vote next week to dismiss the agency’s lawsuit (Coinbase did not immediately respond to a request for comment).
▪The SEC declined to comment to Forbes.
Key Background
The SEC targeted several cryptocurrency firms under the Biden administration, including lawsuits filed against Coinbase, Binance and Kraken, among others.
Regulators pushed for more oversight of the industry, claiming crypto assets sold by crypto exchanges were securities that should be registered under the SEC’s umbrella. Coinbase—which went public in 2021—disputed the SEC’s claims and accused the agency of “hurting America’s economic competitiveness.”
A federal district court declined to toss the SEC’s case against Coinbase in March 2024, and the crypto firm appealed the ruling in January. The SEC’s lawsuits against Binance and Kraken are ongoing, though the SEC has requested its case against Binance be paused.
What Has Trump Said About Regulating The Crypto Industry?
In the lead-up to his inauguration, Trump indicated he would use his executive powers to reduce regulatory burdens facing crypto firms.
He suggested he would create a new crypto advisory council, and Trump reportedly planned to unveil an executive order declaring cryptocurrency a policy priority while advising agencies to work with the industry.
Acting SEC chair Mark Uyeda said earlier this week a task force to oversee the crypto industry—established by former SEC chair Gary Gensler—would be cut down, and a new task force is reportedly moving away from Gensler’s approach.
@ Newshounds News™
Source: Forbes
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RUSSIA’S SUPREME COURT MOVES TO CLASSIFY CRYPTO AS PROPERTY
Russia’s Supreme Court is pushing to classify cryptocurrency as property in penal cases, aiming to strengthen law enforcement’s ability to track, freeze, and confiscate illicit digital assets.
Russia’s Supreme Court Advances Crypto Legalization Efforts
Russia’s Supreme Court has taken an increasingly active role in defining the legal status of cryptocurrency, with its latest efforts focusing on recognizing digital assets as property for penal proceedings, Tass reported on Feb. 20. Chairperson Irina Podnosova addressed the issue at a recent meeting attended by judges and Russian President Vladimir Putin, stating:
With the spread of cryptocurrency in the economy, there has been a rise in crimes where the digital currency is either the means of committing the crime, the criminal income, or the object of the offense.
She further confirmed that the Supreme Court is involved in drafting a “legislative initiative aimed at recognizing digital currency as property for purposes of penal proceedings,” a move that could strengthen law enforcement’s ability to handle crypto-related crimes.
This is not the first time Russia’s Supreme Court has addressed cryptocurrency in legal proceedings. In 2019, it ruled that converting bitcoin into rubles constituted money laundering when the digital currency was obtained through illegal activities, particularly in cases involving drug-related transactions.
The court’s decision reinforced that cryptocurrencies could fall under existing anti-money laundering laws. Additionally, in 2021, the court ruled that WMZ, the electronic currency used in the Webmoney Transfer system, was legally recognized as an object of civil rights, setting a precedent for the legal treatment of digital assets in Russia.
These earlier rulings indicate the Supreme Court’s ongoing efforts to integrate cryptocurrency into the country’s judicial framework.
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Despite stable crime patterns in Russia, where property crimes account for 38%, violent crimes for 24%, and offenses against public security and order for 24%, the growing use of digital currency in criminal activities has prompted efforts for clearer legal definitions, according to Podnosova.
By officially classifying cryptocurrency as property, authorities will be better positioned to track, freeze, and confiscate illicit digital assets. As more countries seek to regulate the crypto space, Russia’s legislative efforts highlight the increasing necessity for legal clarity in digital finance.
@ Newshounds News™
Source: Bitcoin
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